THELOGICALINDIAN - Key Points
Bitcoin amount climbed added appear $8,500 adjoin the US Dollar. BTC/USD charcoal accurate on dips abreast the $8,300 and $8,200 levels.
Bitcoin Price Analysis
This week, we discussed about Bitcoin amount trading college appear the $8,500 level adjoin the US Dollar. The BTC/USD brace climbed college and bankrupt the $8,000 and $8,200 attrition levels. It alike traded abutting to the $8,500 ambition and formed a aerial abreast $8,489. At the moment, the amount is trading in a ambit beneath the $8,500 akin with alliance signs.
It seems like there is a concise ascendance approach in abode with abutment at $8,300 on the alternate blueprint of the BTC/USD pair. The approach abutment is abreast the 23.6% Fib retracement akin of the aftermost leg from the $7,602 low to $8,489 high. Below the approach support, the abutting stop could the $8,200 and $8,150 levels. More importantly, there is an important bullish trend band in abode with abutment at $8,200. The aforementioned trend band is positioned abreast the 38.2% Fib retracement akin of the aftermost leg from the $7,602 low to $8,489 high. Therefore, dips from the accepted levels remain supported abreast the $8,200 level.
Looking at the chart, the amount may conceivably actual lower appear $8,200. However, the all-embracing trend is absolute and a breach aloft the $8,490-8,500 area could advance gains. The abutting attrition awaits abreast the $8,650 level, aloft which, it could analysis $8,800.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is boring affective aback in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI is currently acclimation lower from the overbought levels.
Major Support Level – $8,200
Major Resistance Level – $8,500
